SCHEDULES
SCHEDULE 1 Aircraft Industry
Part I Companies whose Securities are to Vest in British Aerospace
British Aircraft Corporation Limited
Hawker Siddeley Aviation Limited
Hawker Siddeley Dynamics Limited
Scottish Aviation Limited
Part II Qualifying Conditions
1
On 29th October 1974 each of the companies specified in Part I of this Schedule fulfilled the following conditions, namely,—
a
the company was incorporated and had its principal place of business in Great Britain; and
b
the company was engaged in manufacturing complete aircraft or guided weapons; and
c
the aggregate of—
i
the company’s turnover for the relevant financial year, as stated or otherwise shown in its accounts, and
ii
the turnover of each of the company’s subsidiaries for the relevant financial year, as stated or otherwise shown in its accounts,
exceeded £7·5 million; and
d
the company was not a wholly owned subsidiary of a company which fulfilled each of the preceding conditions.
2
In paragraph 1 above—
“aircraft” does not include—
a
hovercraft;
b
lighter than air aircraft;
c
rotary-wing aircraft;
d
non-motorised and motorised gliders;
e
aircraft designed to fly unmanned; and
f
replicas of aircraft of historic interest; and
“relevant financial year”, in relation to a company, means that one of the company’s financial years, within the meaning of the M1Companies Act 1948, for which accounts were last laid before it in general meeting before 29th October 1974.
F3SCHEDULE 2 Shipbuilding Industry
F3Part I Companies whose Securities are to Vest in British Shipbuilders
F3 Shipbuilding companies
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F3 Companies manufacturing slow speed diesel marine engines
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F3 Training companies
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F3Part II Qualifying Conditions
F31
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F32
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F33
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F34
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F35
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SCHEDULE 3 Vesting of Assets of Undertakings in Acquired Companies
1
F5In this Schedule—
“the principal section” means section 20 of this Act;“the relevant undertaking” means, in relation to the acquired company, the undertaking carried on as mentioned in subsection (3) or, as the case may require, subsection (4) of the principal section.
2
F51
Subject to sub-paragraph (2) below, any question whether any particular property, rights or liabilities vests or vest in the acquired company by virtue of the principal section shall be determined by agreement between the Secretary of State and the associated privately owned company in whom the property, rights or liabilities is or are vested immediately before the date of transfer of the acquired company F2....
2
In its application to any question relating to any rights or liabilities in respect of a person’s services sub-paragraph (1) above shall have effect as if the person concerned were required to be a party to the agreement referred to in that sub-paragraph.
3
F5Where any rights or liabilities vested in the acquired company by virtue of the principal section are rights or liabilities under an agreement to which an associated privately owned company was a party immediately before the date of transfer, then, except in so far as the context otherwise requires, whether or not the agreement is in writing or of such a nature that rights and liabilities under it could be assigned by that privately owned company, the agreement shall have effect on and after that date as if—
a
for any reference (however worded and whether express or implied) to the privately owned company there were substituted, with respect to anything falling to be done on or after that date, a reference to the acquired company, and
b
any reference (however worded and whether express or implied) to a person holding a particular post in the privately owned company were, with respect to anything falling to be done on or after that date, a reference to such person as the acquired company may appoint or, in default of appointment, to the person holding the most nearly equivalent post in the acquired company.
4
F5Without prejudice to the generality of paragraph 3 above, where any rights or liabilities vest in the acquired company by virtue of the principal section, the acquired company and any other person shall, as from the date of transfer, have the same rights, powers and remedies (and in particular the same rights and powers as to the taking or resisting of legal proceedings) for ascertaining, perfecting or enforcing any right or liability vested in the acquired company by virtue of the principal section as it or he would have had if that right or liability had at all times been a right or liability of the acquired company.
5
F5Any legal proceedings pending on the date of transfer by or against the privately owned company concerned, in so far as they relate to any property, rights or liabilities vested in the acquired company by virtue of the principal section or to any agreement relating to any such property, rights or liabilities, shall be continued by or against the acquired company to the exclusion of the privately owned company.
6
F5Without prejudice to the provisions of paragraph 3 above, the vesting of any property, rights or liabilities in the acquired company by virtue of the principal section shall be binding on all other persons, notwithstanding that any transfer of that property or of those rights or liabilities would, apart from this sub-paragraph, have required the consent or concurrence of any other person.
7
F5Where any property, rights or liabilities which by virtue of the principal section fall to be vested in the acquired company cannot be properly so vested because transfers of that property or those rights or liabilities are governed otherwise than by the law of a part of the United Kingdom, the privately owned company concerned shall take all practicable steps for the purpose of securing that the ownership of the property is or, as the case may be, the rights or liabilities are, effectively transferred to the acquired company, but for the purposes of this Act, other than this paragraph, any such property, rights or liabilities shall continue to be treated as vested in the acquired company by virtue of that section and not by virtue of any steps taken in accordance with this paragraph.
8
F5Section 12 of the M2Finance Act 1895 (which requires certain Acts to be stamped as conveyances on sale) (including that section as it applies to Northern Ireland) shall not apply to a vesting of property or rights in the acquired company by the principal section; and stamp duty shall not be payable either in Great Britain or in Northern Ireland on any instrument executed in pursuance of paragraph 7 above.
F1SCHEDULE 4 Acquisition of Certain Assets
Schs. 4-6 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 16 Group 1
F11
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F12
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F13
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F14
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F15
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F16
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F17
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F1SCHEDULE 5 Satisfaction of Compensation by Issue of Compensation Stock
F11
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F12
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F13
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F14
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F15
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F16
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F17
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F18
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F1C1C29
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F1SCHEDULE 6 Provisions as to Office of Stockholders’ Representative, Meetings of Holders of Securities and Incidental Matters
Appointment and tenure of office
F11
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F12
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F13
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F14
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F15
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Meetings of holders of securities
F16
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F17
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F18
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Procedure at meetings
F19
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F110
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F111
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F112
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F113
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Service of documents
F1C3C414
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Supplementary
F115
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F116
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F117
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F1APPENDIX
Appointment of proxy for voting
F4SCHEDULE 7 Procedure Etc. of Arbitration Tribunal
Sch. 7 omitted (22.3.2013) by virtue of The Public Bodies (Abolition of the Aircraft and Shipbuilding Industries Arbitration Tribunal) Order 2013 (S.I. 2013/686), art. 1(2), Sch. 1 para. 3(5)
F4Part I Proceedings other than Scottish Proceedings
F41
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F42
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F43
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F44
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F45
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F4Part II Scottish Proceedings
F46
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F47
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F48
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F49
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F410
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F411
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F4Part III All Proceedings
F412
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F413
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Sch. 2 omitted (22.3.2013) by virtue of The Public Bodies (Abolition of British Shipbuilders) Order 2013 (S.I. 2013/687), art. 1(2), Sch. 1 para. 3(3)(a)